Export Import Bank of India vs PCIT, Mumbai-3

Parties Involved

Facts Summary

The assessee, Export Import Bank of India, filed an appeal against the order dated 26.03.2024 passed by the Commissioner of Income-tax (Appeal), NFAC, Delhi. The assessee raised several grounds of appeal, including the illegality of the reassessment order under section 147 of the Act, the disallowance of certain interest income as not qualifying for deduction under section 36(1)(viii) of the Act, and the failure to consider reliefs granted by the ITAT. The assessee also argued that the interest charged under section 234B of the Act should be deleted as the advance tax paid was more than 90% of the assessed tax. The Tribunal found that the assessee had not made any compliance before the Commissioner of Income-tax (Appeal) due to the notices being in the junk folder of the email. The Tribunal decided to restore the case to the file of the Commissioner of Income-tax (Appeal) for adjudicating on merit and directed the assessee to make due compliance.…

Legal Issues

• 1. Illegality of reassessment order under section 147 of the Act
• 2. Disallowance of certain interest income as not qualifying for deduction under section 36(1)(viii) of the Act
• 3. Failure to consider reliefs granted by the ITAT
• 4. Interest charged under section 234B of the Act

Judgment Outcome

Decided in favour of Assessee.

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